                                 CODE OF VIRGINIA

DEFINITIONS (§ 15.2-7500)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Act&#8221; means this chapter, the Land Bank Entities Act (§ 15.2-7500
et seq.).
		&#8220;Authority&#8221; means any political subdivision, a body politic and
corporate, created, organized, and operated pursuant to the provisions of the
Act.
		&#8220;Board of directors&#8221; or &#8220;board&#8221; means the board of
directors of an authority or a corporation.
		&#8220;Corporation&#8221; means any nonprofit, nonstock corporation created
under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1 and operated pursuant to
the provisions of the Act.
		&#8220;Existing nonprofit entity&#8221; means any nonprofit organization that
is exempt from taxation under § 501(c)(3) of the Internal Revenue Code and
eligible to receive donations from a locality pursuant to § 15.2-953.
		&#8220;Land bank entity&#8221; means any authority, planning district
commission, corporation, or existing nonprofit entity established or designated
by a locality to carry out the purposes of the Act.
		&#8220;Real property&#8221; means lands, structures, and any and all easements
and every estate and right therein, legal and equitable, including terms for
years and liens by way of judgment, mortgage, or otherwise, and any and all
fixtures and improvements located thereon.

HISTORY: 2016, cc. 159, 383; 2020, c. 147.